Pediatric Medical Device Market Overview
Pediatric medical devices are medical devices utilized for the management and treatment of infants and children below 18 years with some health issues. Majority of these medical devices are specially designed and manufactured for infants and children, but in some cases these devices are used for adult also.
Global market of pediatric medical device is expected to grow at a CAGR of approximately 10.5% during the forecast period 2017-2023. The global Pediatric Medical Device Market Growth is growing immensely due to rising occurrence of disease among children, increasing child bearing age among women, high number of children with heart diseases, increasing growth in number of pediatric hospitals and clinics. Furthermore, initiatives by the government and regulatory organization are influencing the market growth. For example, FDA has taken initiatives like they are collaborating with the Institute of Medicine for the success of post-market surveillance of pediatric medical devices to enhance the development and availability of safe and effective pediatric medical devices. While there are few factors that hamper the growth of the market such as lack of significant biocompatibility and safety criteria for the medical devices have restrained the growth of market. Moreover, devices that can provide appropriate care to the pediatric patients is one of the other major restraint for the market.
The market is forecasted to demonstrate a steady growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period 2017 – 2023.
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Global Pediatric Medical Device Market - Regional Analysis
The global market is segmented into the various regions including North America, Europe, Asia Pacific, and the Middle East & Africa.
America accounted for the largest market share for global pediatric medical device market. It covers two of the major regions namely North America and South America. North America is the largest market the growth of the market is attributed to increase in growth of children with chronic diseases among, growth in number of women conceiving at older age addiction of pregnant women to smoking and alcohol, and technology advance medical devices manufactured by major market players. Abbott, General Electric Company and Johnson & Johnson Private Limited are major market players in the U.S. and presence all around the global. According to American Academy of Pediatrics, percentage of children in U.S with chronic health conditions is growing and diseases like asthma and attention deficit hyperactivity disorder have taken a rise at a disproportionate rate among them. In South America, significant increase in chronic diseases among children, demand for technology advanced pediatric medical devices, awareness regarding birth defects and child health influence this market’s growth.
Global Pediatric Medical Device Market - Competitive Analysis
Characterized by the presence of several well-established and small players, the global market of pediatric medical device appears to be highly competitive and fragmented. With well-established market in the North America and European region with major companies having their home in the regions and generating maximum market share. These companies have expanded their operating unit in various other emerging regions as well. Moreover the other small and medium scale players are generating revenue from local market.
Medtronic is a one of the global healthcare solutions provider company, involved in improving lives of individuals through its medical technologies, services, and solutions. Medtronic in January 2015, announced the acquisition of Covidien. With this acquisition the company will enhance its medical device product. Covidient includes various pediatric medical device such as Pediatric Collection Devices, Pediatric Urology Accessories, Pediatric Latex Foley Catheters and various others. These product will further enhance the revenue for Medtronic.
Furthermore in October 2016, Medtronic is the first company to got an approval for its suite of cardiac rhythm and heart failure devices, it leads to be scanned in both 3 and 1.5 Tesla (T) magnetic resonance imaging (MRI) machines. This development provides patients with Medtronic implantable cardioverter-defibrillators (ICDs), SureScan MR-conditional pacemakers, and cardiac resynchronization therapy-defibrillators (CRT-Ds) and leads access to MRI scans on any part of the body.
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